The global Customer Relationship Management Market size is expected to reach USD 157.6 billion by 2030, according to new research by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.3% from 2022 to 2030. The continuous demand for innovative solutions to analyze customer information, collate critical customer data, and transform it into a better customer experience strategy are driving factors for CRM solutions across all sizes of businesses. This further led to the integration of customer relationship management solutions with advanced technologies such as big data analytics, machine learning, and AI-powered analytics are expected to boost product innovation and development across CRM solutions for a better customer experience and high operational efficiency.
The adoption of CRM solutions has shown tremendous
growth in recent years with several benefits, including reduced marketing cost,
improved operational efficiency, and efficient data-based management of an
organization’s entire sales process. With the rapid growth of mobile and cloud
solutions, organizations are increasingly insisting on efficient access to
real-time customer data for improved customer engagement to drive sales growth
and maintain customers for a long period. Furthermore, the increasing
penetration of CRM solutions through smart mobile devices and internet services
is one major trend in the sales and marketing domain globally.
The continuous demand for the optimized implementation
of advanced technologies such as predictive and prescriptive analytics to
maximize current operational processes is a key driving factor for investments
and innovation in CRM solutions. For instance, in September 2021,
Salesforce.com, Inc. announced the collaboration with Slack, a business communication
platform, to empower the sales team to collaborate in real-time to close more
deals from anywhere. Moreover, this integration enables marketing teams and
agency partners to collaborate in a shared digital workspace.
Related Press Release@ Customer Relationship Management Market Report
Customer Relationship Management
Market Report Highlights
- In terms of solution, the CRM analytics segment is anticipated to
expand at a significant CAGR throughout the forecast period. The
artificial intelligence and its applications, machine learning, and the
growing use of integration of business intelligence and analytics in CRM
software are expected to drive the growth of the segment over the forecast
period
- In terms of deployment, the cloud segment is expected to account
for a significant CAGR of 15.5% during the forecast period.The market is
projected to retain its dominance over the forecast period as it offers
various advantages, such as cost efficiency, accessibility, and virtually
no equipment costs. Moreover, the increasing use of mobile applications is
likely to further accelerate the growth of the market
- The Small and Medium Enterprises (SMEs) segment is anticipated to
register a CAGR of 14.9% over the forecast period. The continuous adoption
of advanced technologies and minimizing business challenges is driving the
implementation of CRM solutions in SMEs globally. Furthermore, increasing
in business productivity, innovation in marketing strategies, and customer
retention are also driving market’s growth
- In terms of end use, the IT and telecom segment is likely to
register the highest CAGR of 15.2% from 2022 to 2030. The key factors that
boost the adoption of CRM solution in the IT and telecom segment includes
competence needs, high capital expenditure, improved customer service
processes, and better sales projection
- In Asia Pacific, the market is expected to register at the highest
CAGR over the forecast period due to emerging economies such as China and
India that hold a large customer base across several industries and
verticals. Furthermore, the increasing awareness about innovative
marketing strategies and sales tools to improve customer engagement,
growing penetration of the internet, rise in the number of social media
platforms, and smartphone usage are expected to promote regional
growth over the forecast period
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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